Maldives launches MVR 250 million Islamic finance initiative
Two domestic financial institutions—Bank of Maldives (BML) Islamic and Maldives Islamic Bank (MIB)—are participating in the MISFI initiative.
The government has launched a MVR 250 million project aimed at positioning the Maldives as a regional hub for Islamic finance in the coming years.
The initiative, named the Maldives Islamic Social Finance Initiative (MISFI), was officially inaugurated Wednesday. The government described the project as a major undertaking, developed following research conducted for Bank Islam’s charity operations.
Two domestic financial institutions—Bank of Maldives (BML) Islamic and Maldives Islamic Bank (MIB)—are participating in the MISFI initiative. As part of the programme:
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BML Islamic will disburse MVR 200 million over the next three years to support individuals with special needs
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MIB will contribute MVR 30 million
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Maldives Monetary Authority (MMA) will allocate MVR 20 million
Speaking at the official ceremony held at Kurumba Resort, President Dr Mohamed Muizzu said the initiative is aligned with the country's development agenda. He noted that principles such as friendship, justice, and social equity—which he described as the foundation of national unity—also underpin Islamic social finance.
“This initiative should be seen not just as a programme, but as a call to action in unity,” he said.
He added that the programme seeks to create connections between the financial sector and civil society organisations to respond to societal needs.
MMA Governor Ahmed Munawwar, also speaking at the event, said the primary goal of MISFI is to position the Maldives as a regional Islamic finance centre within the next decade. He stated that:
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The initiative is part of MMA’s upcoming three-year strategic plan
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The project is expected to promote inclusive economic participation across all sections of society
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Its broader aim is to ensure active involvement of all citizens in the national economy
